Early Supply of 666.5 Billion Won in Guarantees in the First Half... Achieving 14.3 Billion Won in Interest Savings
Focusing on Three Key Tasks: Flood Recovery, Tourism, and Domestic Demand
Expanding Support for Youth and Vulnerable Groups
Cho Sohang, Chairman of Chungnam Credit Guarantee Foundation, is holding a press conference at the provincial government press room on the 11th to announce the business promotion plan for the second half of the year. Photo by Chungnam Credit Guarantee Foundation
The Chungnam Credit Guarantee Foundation will focus on three key initiatives in the second half of the year to support the recovery of the Chungnam economy and deliver tangible results for residents: financial support for flood recovery, tourism-specialized guarantees, and liquidity support.
On August 11, Chairman Cho Sohang held a policy briefing at the Chungnam Provincial Government Press Center to announce the foundation's major achievements in the first half of the year and its priority plans for the second half.
Despite the economic downturn in the first half of the year, the foundation provided 666.5 billion won in new guarantees out of its annual target of 950 billion won ahead of schedule. Of this amount, 62.5% was supplied through Chungnam's Small Business Fund and the Ministry of SMEs and Startups' low-interest policy funds, resulting in approximately 14.3 billion won in interest savings.
In addition, the foundation contributed to business stability and domestic demand recovery by expanding guarantees for small and medium-sized enterprises and supporting small business owners.
For the second half of the year, the foundation will focus on three areas: emergency support for companies affected by heavy rainfall, customized financial support for the tourism industry, and measures to address domestic demand and liquidity crises.
The foundation will promptly provide 'Chungnam Flood Damage Low-Interest Funds' (up to 300 million won, with up to 2.7% annual interest subsidy for one year) and the government's Emergency Business Stabilization Fund (up to 100 million won, fixed interest rate of 2%) to companies affected by flood damage. A dedicated service desk for affected companies will be operated to streamline procedures from guarantee screening to fund disbursement.
To revitalize the tourism industry, the foundation will provide a total of 80 billion won in tourism-specialized guarantees to small tourism businesses such as restaurants and accommodations, and will support facility improvements and content development in conjunction with the Ministry of Culture, Sports and Tourism's Tourism Fund (up to 200 million won). This is part of a strategy to ensure the successful hosting of the 'Visit Chungnam Year' initiative.
To address sluggish domestic demand and funding difficulties, the foundation will introduce the 'Chungnam Emergency Account' (100 billion won, with an annual interest rate of up to 4.8%) in partnership with KakaoBank, and will support small business owners by guaranteeing purchase card payments through the 40 billion won Biz+ Card Guarantee program, enabling them to secure immediate operating funds.
In the non-financial sector, the foundation will conduct 45 training sessions to strengthen digital and smart management capabilities by visiting all 15 cities and counties, and will provide debt adjustment counseling for financially vulnerable groups in 11 cities and counties.
The foundation will also expand customized specialized programs, such as the youth local entrepreneurship support project in Hongseong County, debt adjustment support for people with disabilities, and 180 consulting sessions for Naver Smart Place.
Chairman Cho Sohang stated, "In the second half of the year, we will bring about changes that residents and businesses across Chungnam can truly feel," adding, "As a growth partner for SMEs and small business owners, we will strive for the recovery of the Chungnam economy and the revitalization of the local economy."
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